US Private Sector Job Cuts Soar in February

According to Challenger, Gray & Christmas, Inc. (CG&C) Job Cut Announcement Report released on Thursday, US-based employers announced 172,017 job cuts in February—the highest total for the month since 2009, when 186,350 job cuts were recorded. It is the highest monthly total since July 2020, when 262,649 cuts were announced.

Year-over-year, cuts were up 103.0% from the 84,638 in February 2024.

So far this year, employers have announced 221,812 job cuts—the highest year-to-date total since 2009, when 428,099 job cuts were planned. It is up 33% from the 166,945 cuts announced during the same period in 2024.

According to CG&C, job cuts in February were widespread, with government leading the way, followed by retail, technology, services and consumer products, and media and news.

Hiring Plans

Companies’ hiring plans surged in February to 34,580. So far this year, companies plan to hire 40,669 workers, an increase of 159% from the 15,693 hiring plans announced during the same period last year. This is the highest number for February since 2022, when companies announced 215,127 new hires.

Entertainment/leisure plans to hire 28,000 new workers, while the automotive sector announced 4,831 new workers this year. Technology companies announced plans to hire 3,225.